What business insurance should I carry heading into 2024

The specific types of business insurance you should carry depend on various factors including the nature of your business, its size, location, industry, and regulatory requirements. However, here are some common types of business insurance that many businesses typically carry:

1. General Liability Insurance: This provides coverage for third-party bodily injury, property damage, and advertising injury claims. It’s often considered essential for businesses, as it protects against common risks.

2. Property Insurance: This covers physical assets such as buildings, equipment, inventory, and furniture in case of damage or destruction from events like fire, theft, or natural disasters.

3. Business Interruption Insurance: This helps replace lost income and cover expenses if your business is unable to operate due to a covered event, such as a fire or natural disaster.

4. Workers’ Compensation Insurance: If you have employees, most states require you to carry workers’ compensation insurance. It provides benefits to employees for work-related injuries or illnesses, including medical care and lost wages.

5. Professional Liability Insurance (Errors & Omissions Insurance): Especially important for service-based businesses, this covers claims of negligence or inadequate work that result in financial losses for clients.

6. Cyber Liability Insurance: With increasing digitalization, this insurance protects against data breaches, cyberattacks, and other liabilities related to handling sensitive customer information.

7. Commercial Auto Insurance: If your business owns vehicles or employees drive their own vehicles for work purposes, commercial auto insurance provides coverage for accidents, liability, and vehicle damage.

8. Product Liability Insurance: Essential for businesses that manufacture or sell products, this covers legal expenses and damages resulting from defective products that cause harm to consumers.

9. Directors and Officers (D&O) Insurance: Protects directors and officers of a company from personal losses if they are sued for alleged wrongful acts while managing the business.

10. Employment Practices Liability Insurance (EPLI): Covers against claims of wrongful employment practices such as discrimination, harassment, or wrongful termination.

It’s crucial to assess your business’s unique risks and consult with insurance professionals to determine the most appropriate coverage for your needs. Additionally, periodically review and update your insurance coverage as your business evolves and new risks emerge.